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Accounting Assignment Guide

This document provides instructions for Assignment 1 which is due on a date to be announced later. It requires students to individually complete a handwritten assignment analyzing the transactions of Notwist Copy Company during March 2021. Students must prepare journal entries, T-accounts, a trial balance, adjusting entries, a worksheet, income statement, owner's equity statement, balance sheet, closing entries, and post-closing trial balance based on the provided transactions and requirements. The completed assignment must be handwritten, scanned, converted to PDF, and submitted through a Google Form with a cover page including student details.

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Affan Ahmed
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311 views1 page

Accounting Assignment Guide

This document provides instructions for Assignment 1 which is due on a date to be announced later. It requires students to individually complete a handwritten assignment analyzing the transactions of Notwist Copy Company during March 2021. Students must prepare journal entries, T-accounts, a trial balance, adjusting entries, a worksheet, income statement, owner's equity statement, balance sheet, closing entries, and post-closing trial balance based on the provided transactions and requirements. The completed assignment must be handwritten, scanned, converted to PDF, and submitted through a Google Form with a cover page including student details.

Uploaded by

Affan Ahmed
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Assignment: 1

Submission deadline: (to be announced later)


Assignment type: Handwritten, individual

Notwist Copy Company incurred the following transactions during the month of March 2021:

March 1 M. Acher invests $70,000 cash to start the business.


March 3 Purchased three pieces of equipment for $160,000, paying $50,000 cash and signing
a 5-year, 10% note for the remainder.

March 5 Purchased $5,000 supplies on credit.


March10 Cash revenue amounted to $7,000.
March 15 Paid $500 cash for radio advertising.
March 20 Paid $800 on account for supplies purchased on March 5.
March 22 Owner withdrew $2,100 from the business for personal expenses.
March 29 Paid $1,200 cash for rent for the current month.
March 30 Received $2,000 cash advance from a customer for future copying.
March 31 Billed a customer for $575 for photocopy work done.

Requirements:
1) Make a tabular analysis of the transactions on accounting equation. Use the following
column headings: cash, Supplies, accounts receivable, equipment, accounts payable,
notes payable, unearned service revenue, capital, withdrawal, revenues, expenses.
2) Journalize the above transactions.
3) Prepare necessary T accounts.
4) Prepare a trial balance on March 31, 2021 and prove the arithmetic accuracy of the
accounts.
Other data:
a) The office equipment has an estimated useful life of 80 months with zero salvage value.
b) The physical count revealed $2000 supplies on hand at the end of the month.
c) Provided $1000 service during the month in respect of advance receipts from the
customer.
d) Interest accrued on the notes payable.

Requirements:
5) Prepare necessary adjusting entries on March 31, 2021.
6) Enter the trial balance on a worksheet and complete the worksheet.
7) Prepare an income statement for the month ended March 31, 2021, an owner’s equity
statement on March 31, 2021 and a balance sheet on March 31, 2021.
8) Prepare necessary closing entries on March 31, 2021.
9) Prepare a post-closing trial balance on March 31, 2021.

Instructions for the assignment: You should solve the assignment on your script, take an image
of the answers, convert it into pdf and upload the pdf file on google form. You must prepare a
cover page mentioning your name, ID, Course Code, Section; faculty particulars etc. your cover
page should appear as the first page of the assignment. You may use ‘camscanner’ apps to take
an image. File size: Maximum 10 MB.

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